Market Segment
July 11, 2021
Written by Michael Cowden
One of two United Steelworkers (USW) locals at Algoma Steel is opposed to the Ontario mill’s proposed switch from integrated steelmaking to electric arc furnace (EAF) production.
USW Local 2251 President Mike DaPrat went so far as to boycott an event at the mill – attended by Canadian Prime Minister Justin Trudeau – to announce government-funding for the project.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.
The United Steelworkers (USW) union plans to extend its current labor contract with U.S. Steel and Cleveland-Cliffs by 48-hours on a rolling basis, the union told SMU on Monday.
Nucor said on Monday, Sept. 21, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,210 per short ton (st) this week, a $10/st increase from a week earlier.